-based energy company Exponent Energy has raised ₹200 crore in a funding round co-led by 360 ONE Asset and TDK Ventures.
The fresh capital will be used to expand into new cities and vehicle categories, while deepening investments in research and development.
With this fundraise, the six-year-old company has raised a total of $65.7 million since inception.
The round marks 360 ONE Asset’s maiden investment in the electric vehicle (EV) sector. It also represents Hitachi Ventures’ first investment in India’s energy sector, while existing investor TDK Ventures increased its stake through a follow-on investment.
The round saw participation from all of Exponent’s existing investors, including Eight Roads Ventures, Lightspeed, 3one4 Capital, and AdvantEdge VC. YourNest, Exponent’s first institutional backer, invested $4 million through its Continuum Fund.
Arun Vinayak, Founder and CEO of Exponent Energy, told businessline that the company will deploy the funds toward both expansion and product development.
“In the early years, nearly 35 per cent of our spending went into R&D. We also focused heavily on supply chain development and manufacturing,” Vinayak said.
The company has since established an automated manufacturing line and successfully piloted its technology in the three-wheeler segment.
“We have now proven that the technology works. We have three years of field data. We are no longer just a technology company; we are becoming an energy company,” he said.
According to Vinayak, the company’s focus has evolved beyond battery technology to building a broader energy ecosystem that includes partnerships with OEMs and energy financing capabilities.
“The focus now is on scale. Expansion will be the core priority for the company over the next couple of years, and a significant portion of this fundraise will be used to support that growth,” he added.